ABN AMRO Bank N.V. to acquire LGT Bank Deutschland

ABN AMRO Bank N.V. today announces it has reached an agreement with LGT Group on the purchase of LGT Bank Deutschland, its private banking activities in Germany.

With this acquisition ABN AMRO will further strengthen its private banking activities in Germany and will solidify its leading position as a top 3 private bank in the Eurozone. LGT Bank Deutschland will become part of Delbrück Bethmann Maffei, a fully owned subsidiary of ABN AMRO.

Jeroen Rijpkema, CEO of Private Banking International: “The acquisition of LGT Bank Deutschland fits perfectly with our strategy to expand our private banking activities in the Eurozone and Asia. LGT Bank Deutschland has a strong fit with Delbrück Bethmann Maffei, as both banks have similar business models. Bringing the two together will create new opportunities for our clients and will further enhance our private banking activities in Germany.”

LGT Bank Deutschland offers private banking services to the German market, serving clients with investible assets exceeding EUR 1 million. Headquartered in Frankfurt, the company has offices in Berlin, Frankfurt, Hamburg, Cologne, Munich, Stuttgart and Mannheim. Following the acquisition the assets under management of Delbrück Bethmann Maffei will rise to approximately EUR 20 billion.

The planned transaction is subject to certain conditions being met, including approval by the relevant regulatory and merger control authorities. Final closing is expected in the fourth quarter of 2011.